Perhaps one of the most well-known humbling stories of entrepreneurs is that of Elon Musk. Founder of multiple companies, including Tesla and SpaceX, Musk is now worth close to $100 billion. For aspiring entrepreneurs who wish to achieve such a high level of success, it makes sense to listen to what this eccentric billionaire has to say.
Boil it Down to Fundamentals
In an attempt to create something innovative and out of the box, a lot of aspiring entrepreneurs try to craft very intricate business ideas and approaches. However, in one of his interviews, Musk explains his approach to tackling real-world problems to distill simple but effective solutions. Boiling it down to fundamentals will help you understand every aspect and property of a business model or idea that you plan to pursue.
One of the things that Elon Musk advocates and participates in is open-sourcing. The tech billionaire believes that good ideas can come from anywhere and anyone. By opening up his projects to a worldwide community of hobbyists and experts, Musk is able to leverage an unprecedented amount of knowledge and expertise that he then uses to spearhead new businesses and strategies.
Musk is all about taking calculated risks; his companies are highly indicative of the degree of risk he is willing to take – SpaceX, which is attempting to push the boundaries of human space exploration through reusable rockets, and Tesla, which is leading the charge to renewable energy through electric vehicles and smart homes. As an entrepreneur, it’s not enough to just pursue a business idea; find or create one that creates long-term impact.
Another thing that Musk is famous for is his work ethic. In several of his interviews, Musk talks about his 80-hour workweek, which he believes gives him an edge against competitors who only do the traditional 40-hour workweek. As an entrepreneur, you can’t expect your business to grow rapidly without putting in a considerable amount of effort. Only through your own sweat and tears can your business realize its true potential.
There are many more things you can learn by dissecting the hardships and triumphs of Elon Musk. That being said, make sure you pave your own entrepreneurial path rather than copy everything that these successful people do.